The City of London has decided to break its centuries-old management of the markets and will ask the meat and fish traders to leave the markets.
Once the markets move out, the Smithfield site will be refurbished into a cultural centre sitting alongside the London Museum.
The decision is likely to see the market traders split up into smaller venues scattered around London, ending a centralized food distribution tradition.
Traders will be offered financial support to find new sites, while the markets themselves will remain operational until 2028, pending Parliamentary approval.
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